While non-essential assets were trading very well before the pandemic, the market has not been set for them post-pandemic.

Plans include turning Herald Square & Broadway Plaza into a car-free urban space with connections to public transportation and improvements to the Herald Square Subway Station.

"Economic expansion and the jobs recovery will lead to rises in occupancy across all commercial real estate property types."

"While cap rates are at record lows, the premium on cap rates for the newest assets is at an extreme as well."